Best of PIB: 30 Dec 2016

External Debt

  • At September end the external debt stood at $ 484.3 bn
  • Compared to the debt at the end of March the external debt has declined by 0.2%. it is because of the commercial borrowings and short term external debt
  • The long term debt constitutes 83.2% whereas the short term debt is 16.8%
  • Share of government (or sovereign) debt is 20.1% and that of non-government is 79.9%

 

Direct Tax Dispute Resolution

  • Was introduced in the Finance Act 2016
  • Has been introduced to reduce the tax litigation
  • The cut-off date was 31st December 2016, which has been extended till the end of 31st January 2017

           Points about DTDR

  • It allows for settlement of cases pending in various courts, tribunals, arbitration or mediation under the Bilateral Investment Protection Agreement (BIPA)
  • It covers all the disputes that have arisen because of retrospective amendment of taxation laws
  • The companies under this scheme need to pay just the tax demand, the interest and the penalty will be waived off